Only two of the big four Australian banks, Westpac and CommBank, offer personalized features that proactively anticipate customer needs
SYDNEY, Australia, September 12, 2024 — According to Forrester’s Digital Experience Review: Australian Mobile Banking Apps report, 75% of Australian online adult banking customers have used their mobile banking app in the past month, up from 59% in 2022. Yet most customers who used their bank’s mobile app give it a Customer Experience Index (CX Index™) score of just OK, and only 63% agree that their bank offers mobile capabilities that meet their needs.
To gauge the ease and effectiveness of mobile banking experiences, Forrester evaluated the smartphone apps of the “big four” Australian banks: ANZ, Commonwealth Bank of Australia (CommBank), National Australia Bank (NAB), and Westpac.
Key findings from Forrester’s review include:
- Westpac leads with innovative features. Westpac emerged as the leader for the second year in a row. The bank’s app excels in money movement and account management, introducing personalized features that keep customers informed about their budget usage and spending limits. CommBank stood out as a close second, offering automated savings capabilities that reduce the cognitive load on its customers.
- Some Australian banks have made significant strides, but overall mobile banking innovation has stalled. Only two of the four banks, Westpac and CommBank, introduced new, personalized features that anticipate customer needs over the past year. Weak spots include the use of customer context to offer actionable insights that help customers manage their money.
- Customers’ expectations are rising. Australian banks do the basics well, but the gap between leaders and laggards is widening as customer expectations rise. Australian banks need to invest in industry best practices that are table stakes now — for example, customers’ ability to manage their accounts digitally, improving search to help customers find and make sense of their transactions, offering real-time contextual help to resolve critical issues, and leveraging emerging technologies to deliver improved experiences.
“Given the widespread use of mobile banking apps in Australia, banks should consider investing in features valued by their customers,” said Zhi-Ying Barry, principal analyst at Forrester. “While there are some bright spots, there is a huge opportunity for Australian banks to invest more in emerging technologies such as generative AI and conversational AI to anticipate their customers’ needs and offer more personalized financial advice and solutions.”
